Insurer News – Page 234
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NewsRSG launches Lloyd’s-backed cyber-risk MGA
Ryan Specialty Group (RSG)’s underwriting division has launched EmergIn Risk, a London-based cyber-risk managing general agency (MGA). EmergIn Risk has secured an initial £20m of Lloyd’s capacity, which will allow it to offer global companies protection against exposure to system and network interruptions, data corruption or ...
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NewsAIG plans to cut 125 UK jobs – report
Troubled insurer American International Group (AIG) is planning to cut 125 jobs in the UK, Bloomberg reports. Sources familiar with the plan told Bloomberg that the US-based group was planning to cut 5% of its 2,500-strong UK workforce, which would mean around 125 staff would be ...
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NewsEsure chief’s pay rises 11% as company hits target
Esure chief executive Stuart Vann was paid a total of £824,425 in 2015, up 11% on the £746,021 he was paid in 2014. The insurer’s chief financial officer Darren Ogden enjoyed a 13.1% increase in total pay to £501,763 (2014: £443,631). The total pay increases reflect ...
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NewsFall in investment income eats into Covéa Insurance profit
Covéa Insurance made a profit before tax of £15.7m in 2015, down 26% on the £21.3m it made in 2014. The profit drop was caused by an £8m drop in investment income, which offset an improvement in underwriting results, driven by personal lines motor. Key points ...
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NewsCo-op GI aims to connect to Flood Re by third quarter
Co-op’s general insurance (GI) business aims to connect to Flood Re by early in the third quarter this year, according to products, pricing and propositions director James Hillon. He also did not rule out the insurer selling its book of run-off business after its transformation plan is ...
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NewsMGA focused on 'minimising' loss ratio to launch with £30m capacity
The chief executive of a claims management firm is planning to launch a new managing general agency (MGA) which will specialise in van and commercial vehicles and will have a focus on “minimising loss ratio to maximise profit”. Pukka Insure, led by Sam White, has secured ...
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NewsAllianz doubles excess liability capacity to £50m per class
Allianz Commercial has boosted its excess-of-loss capacity, which will allow brokers to access excess liability cover of up to £50m per individual class of business for clients. The previous limit was £25m. Allianz said the move supports its ambition to grow its liability portfolio. The insurer ...
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NewsFCA levy on insurers and brokers to decrease in 2016/17
Funds cover cost of FCA’s regulatory activities
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Online onlyApril 2016 issue
Read a digital version of the April 2016 edition of Insurance Times. Cover story: How the internet is killing off the high street broker; Towergate’s future clarifies; Unrated Gable battles to build broker trust; McKenzie Friends – the new cash cow for CMCs?; Insurers are learning on claims, says ABI; ...
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NewsAXA saves nearly £400,000 defending three motor fraud cases
Court cases unveiled staged accidents, exaggerated costs and phantom injuries
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NewsAA insurance profits, revenue hit by greater churn in motor
Insurance sees fall in revenue and profit for year to January
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NewsAXA's flood-risk homeowners encouraged to switch to Flood Re cover
AXA Direct customers will be able to secure Flood Re-backed insurance from 20 April
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NewsCooper Gay completes sale of North American business
Sale will enable CGSC to push forward with strategy – Group chief exec Hearn
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NewsLloyd’s insurers told to provide figures on exposure to cyber claims
Lloyd’s central management division wants to assess whether syndicates can meet cyber claims
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NewsWillis Networks names replacement for insurer relations director
Richard Fullerton has been promoted to role of Willis Commercial Network market development director
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NewsFlood Re goes live
Chief executive urges consumers to opt for the best rather than the cheapest policy
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NewsJLT's Thistle managing director Paul Williams to depart
Williams’ exit is part of management changes under Thistle and JLT Specialty broking merger plans
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NewsFlood Re reveals initial list of signed-up insurers
Brands on list represent more than 50% of home insurance market
